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amy41
Level 1

How do I record interest charges on a Line Of Credit?

I have a line of credit, my bank doesn't display individual transactions online. So the monthly interest increase isn't automatically recorded in QBO. I used to be able to add an increase in the amount owed through "add an expense" section. That pathway now requires an account the payment comes from, and it will deduct from that account. Which is problematic because the interest charges are paid for and already accounted for in my monthly payment.
1 Comment 1
JamesM
QuickBooks Team

How do I record interest charges on a Line Of Credit?

Hi there,

 

Congrats on your first post in the Community. Making sure you're recording a transaction the right way is good for preventing discrepancies in the future. 

 

I recommend contacting an accounting professional. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to assist. :)

 

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